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HelloHelloH llHelloHelloHelloHello
East Midtown Study
July 18, 2012
IntroductionEast Midtown Study Area
uePa
rk A
venu
GCT
Page 2 - DCP East Midtown Study
Orthophoto Base Map Copyrighted by the New York City Department of Information
Technology and Telecommunications.All rights reserved.
IntroductionEast Midtown – Office Core
• 80 million sf office space
• 250,000 jobs
• 14 Fortune 500 companies
• NYC financial core
• Unparalleled investment in infrastructure
Page 3 - DCP East Midtown Study
Area OverviewBest Business Address in the World
57th
Park Avenue
Madison Avenue
42nd
Page 4 - DCP East Midtown Study
Office Building
Area OverviewIconic Landmarks
57th
Villard HousesVillard Houses
42nd
St B th l ’ d SOCONY M bil
Page 5 - DCP East Midtown Study
St. Bartholomew’s and Waldorf Astoria
SOCONY Mobil Building
Area OverviewGrand Central Terminal
57th
Park Avenue
42nd
Page 6 - DCP East Midtown Study
Grand Central TerminalLandmark and Transportation Hub
Area OverviewTransportation Infrastructure
Terminal CityNew Grand Central Terminal
Image from Scientific American, December 7, 1912
Image from flickr user Arg768
Page 7 - DCP East Midtown Study
Area OverviewDifferent eras
Image from Municipal ArchivesImage from Municipal Archives
1950s/60s boom 1980s boom1920s boomImage from Municipal ArchivesImage from Municipal Archives
Page 8 - DCP East Midtown Study
IntroductionPost-1982 Planning
- Challenges
2005 Hudson Yards 1982 Midtown Plan
Page 9 - DCP East Midtown Study
Area OverviewCurrent State and Recent Trends
Current Dynamics• Key strength is wide range of office
space – making for an integrated Xand dynamic market
• Continued strength in financial and legal industries, with more recent
Xtechnology and media growth
• Tenants continually moving based on lease length, economic conditions, or differing space needs
• Buildings under near-continuous renovation to maintain desirability
Page 10 - DCP East Midtown Study
Long-Term Challenges
Page 11 - DCP East Midtown Study
Long-term challengesBuilding stock aging
57th
• 80% of buildings are over 50 years old
• Average build year - 1940
• Older buildings have higher vacancy rates
• Many of the buildings do not comply with current zoning presenting an economic disincentive to replacement
• Over long term, older buildings are candidates for conversion to
ffnon-office uses42nd
Page 12 - DCP East Midtown Study
Long-term challengesBuilding stock aging
10’ to ceiling
Numerous interior columns
Constructed 1956Renovated 201018 floors - 8,800 sf avgA t $70 77Average rent - $70-77
Recent Renovation
Page 13 - DCP East Midtown Study
Long-term challengesBuilding stock aging
14’ to ceiling
Constructed 200730 floors – 11,500 sf avgAverage rent - $90-135
Column-free space
New Construction
Page 14 - DCP East Midtown Study
Long-term challengesBuilding stock aging
Recent office building conversions
Library Hotel 299 Madison
5 condo5 east 44th street
Andaz Hotel485 Fifth Avenue
Courtyard Marriott866 Third Avenue
Page 15 - DCP East Midtown Study
Long-term challengesLimited new development
57th
510 M di510 Madison
300 Madison 510 Madison
• Only two new office buildings constructed in last decade
300 Madison42nd
Page 16 - DCP East Midtown Study
Long-term challengesPedestrian Network
57th
Madison Lexington
Madison sidewalks – 13 feet
42nd
Page 17 - DCP East Midtown Study
Lexington sidewalks – 12-13 feet(narrower with subway grates)
Long-term challengesPedestrian Network
57th
Vanderbilt
42ndVanderbilt Avenue
Page 18 - DCP East Midtown Study
Long-term challengesPedestrian Network
57th
42nd
Page 19 - DCP East Midtown Study
42nd Street / Grand Central station
Long-term challengesLimited success of current GC subdistrict zoning 57th
• Maximum 21 6 FAR through
383 Madison
• Maximum 21.6 FAR through special permit in core, 16.0 FAR in “Wings”
• ~1 35 million sf remains unused• ~1.35 million sf remains unused in subdistrict after 20 years
42nd
Page 20 - DCP East Midtown Study
Long-term challengesCompetitor Cities - Takeaways
• East Midtown buildings are significantly older than competitor cities
• Competitor cities are focusing on providing new space in both historic and new office coresLondon
Image from flickr user Arg768
Page 21 - DCP East Midtown Study
TokyoImage from flickr user Twiga Swala
Long-term challengesSummary
Building stock aging • 80% over 50 years old• Office buildings have outdated structural g
features like low ceilings and interior columns
Limited new development• Only two major new office buildings in last• Only two major new office buildings in last
decade
Limited success of current Grand Central zoning
• +1 milllion sf remaining on GCT• Requires onerous public review process
Pedestrian Network Challenges • Above- and below-gradeAbove and below grade
Competitor Cities• Replacing outdated office space in existing
office core districts
Page 22 - DCP East Midtown Study
Long-term challengesConsequences
• Integrated and dynamic office market in East Midtown would begin to break down
• Needs of top Class A tenants would go unmet, look elsewhere for space
• More existing office buildings would become conversion opportunities (particularly older Class B, C buildings)
• Area would become less desirable as business district
• Pedestrian realm challenges would remain
Page 23 - DCP East Midtown Study
• Huge public investment in infrastructure would fail to generate full potential of jobs and tax revenues for City
A Stronger, Better East Midtown
Page 24 - DCP East Midtown Study
VisionA Stronger, Better East MidtownEast Midtown continues to be a strong and
dynamic commercial districtdynamic commercial district
Page 25 - DCP East Midtown Study
Most of East Midtown remains as is, with most buildings
i i i th i tremaining in their current uses
Page 26 - DCP East Midtown Study
A handful of new i i ffi b ildiiconic office buildings add to the area’s cachet and market d i j idynamism, just as in previous eras
Image from flickr user safesurfer
The area’s pedestrian network is improved, befitting its status
as a world-class businessas a world class business address
Page 28 - DCP East Midtown Study
Policy Direction
Page 29 - DCP East Midtown Study
Policy Direction
Outline• Goals
• Long-term Development FrameworkLong term Development Framework
• Site Requirements and Mechanisms
• Sub Area GuidelinesSub Area Guidelines• Grand Central area• Park Avenue• Other areas• Special PermitSpecial Permit
• District-wide Elements• DIB / Public improvements• Non-complying buildingsNon complying buildings• Third Avenue area• “Sunrise” provision
Page 30 - DCP East Midtown Study
Policy DirectionGoals
• Protect and strengthen East Midtown as one of the world’s premier business addresses and key job center for the City y j yand region
• Seed the area with new modern and sustainable office buildings to maintain its preeminence as a Class A office districtpreeminence as a Class A office district.
• Improve the area’s pedestrian and built environments to make East Midtown a better place to work and visit
• Complement ongoing office development in Hudson Yards and Lower Manhattan to facilitate the long-term expansion of the City’s overall stock of office spaceCity s overall stock of office space
Page 31 - DCP East Midtown Study
Policy DirectionLong-term Development Framework
57th
Park
Fifth
Third
• Most development should be focused around Grand Central Terminal
• Some development should occur along• Some development should occur along Park Avenue
• More limited development should occur along northern Madison, Lexington avenues, and Third Avenue
49th
46th
42ndGCT
Page 32 - DCP East Midtown Study
Policy DirectionLong-term Development Framework
57th
Park
Fifth
Third
OUT• Most development should be focused
around Grand Central Terminal
• Some development should occur along
OUT
OU
T
• Some development should occur along Park Avenue
• More limited development should occur along northern Madison, Lexington
OU
T
avenues, and Third Avenue
• Excluded from Proposal• Fifth Avenue• Northeastern corner
49th
OUT
OU
T
Northeastern corner• Residential areas east of Third Ave 46th
OUT
OU
T42nd
GCT
OUTU
T
Page 33 - DCP East Midtown Study
OU
Policy DirectionLong-term Development Framework
57th
Park
Fifth
Third
• Most development should be focused around Grand Central Terminal
• Some development should occur along• Some development should occur along Park Avenue
• More limited development should occur along northern Madison, Lexington
49thavenues, and Third Avenue
• Excluded from Proposal• Fifth Avenue• Northeastern corner
46th Northeastern corner
• Residential areas east of Third Ave
42ndGCT
Page 34 - DCP East Midtown Study
Policy DirectionSite Requirements and Mechanisms
57th
Park
Fifth
Third
Special Midtown DistrictExisting as-of-right mechanisms• Plaza bonus
Existing special permit mechanisms• Subway improvement bonus• Landmark transfer
21.6+ FAR achievable through discretionary mechanisms
49th
For most sites, existing zoning framework will remain
46th
42nd
Page 35 - DCP East Midtown Study
Policy DirectionSite Requirements and Mechanisms
New zoning mechanisms are applicable to sites appropriate for significant new commercial buildings
Qualifying Sites would require:• Full avenue frontage
• Minimum site size of 25,000 sf
• Commercial FAR only
42nd
Page 36 - DCP East Midtown Study
Policy DirectionSite Requirements and Mechanisms
District Improvement Bonus Landmark transferpHigher maximum FAR permitted as-of-right through contribution to fund for area-wide
pedestrian network improvements
Higher maximum FAR permitted as-of-right around Grand Central through floor area
transfers from landmark buildings
Page 37 - DCP East Midtown Study
Policy DirectionSub Area Guidelines
57th
Park
Fifth
Third
1) Grand Central Area
2) Park Avenue 23) Other Areas 3
3
1
49th
46th
42ndGCT
Page 38 - DCP East Midtown Study
Policy DirectionSub Area Guidelines - Grand Central
57th
Park
Fifth
Third
49th
• Over long term, most new development should be focused around Grand Central Terminal
46th
42nd• Area has best transportation access,
largest concentration of aging office stock
Page 39 - DCP East Midtown Study
Policy DirectionSub Area Guidelines - Grand Central
57th
Park
Fifth
Third
• Existing Grand Central subdistrict• Existing Grand Central subdistrictwould be expanded
Future boundary
(black)
49th
46th
42ndGCT
Page 40 - DCP East Midtown Study
Current boundary
(blue)39th
Policy DirectionSub Area Guidelines - Grand Central
57th
Park
Fifth
Third
• Existing Grand Central subdistrict would• Existing Grand Central subdistrict would be expanded
• Grand Central Core area established
49th
GC Subdistrict
46th
GC Core
42ndGCT
Page 41 - DCP East Midtown Study
Policy DirectionSub Area Guidelines - Grand Central
57th
Park
Fifth
Third
• Existing Grand Central subdistrict would• Existing Grand Central subdistrict would be expanded
• Grand Central Core area established
• Only sites with full avenue frontage and >25k permitted higher as-of-right FAR through District Improvement Bonus and landmark transfers
49th
GC Subdistrict21.6 FAR
(for qualifying sites)46th
GC Core24.0 FAR
(for qualifying sites)
(for qualifying sites)
42ndGCT
Page 42 - DCP East Midtown Study
Policy DirectionSub Area Guidelines - Grand Central
21.6 FAR - Comparable Buildings 24.0 FAR –
Comparable Building
Image from flickr user NYMAN2010
383 Madison –~750’
1 Bryant Park~900’
200 West Street(Goldman Sachs bldg)
~750’
Page 43 ‐ DCP East Midtown Study
Policy DirectionSub Area Guidelines - Grand Central
1046’
750’700’
810’
42nd44th46th48th 40th50th 42nd44th46th48th 40th50th
Page 44 ‐ DCP East Midtown Study
East elevation of Madison Avenue - Existing
Policy DirectionSub Area Guidelines - Grand Central
1046’
750’700’
810’760’
42nd44th46th48th 40th50th 42nd44th46th48th 40th50th
Illustrative massing at 21.6 FAR
Page 45 ‐ DCP East Midtown Study
East elevation of Madison Avenue
Policy DirectionSub Area Guidelines - Grand Central
1046’
750’810’
700’
870’
42nd44th46th48th 40th50th 42nd44th46th48th 40th50th
Illustrative massing at 24.0 FAR
Page 46 ‐ DCP East Midtown Study
East elevation of Madison Avenue
Policy DirectionSub Area Guidelines - Grand Central
57th
Park
Fifth
Third
• Ratio of DIB and landmark floor areaRatio of DIB and landmark floor area guarantees pedestrian network improvements as development occurs
49th
GC Subdistrict21.6 FAR
46th
GC Core24.0 FAR
42ndGCT
Page 47 - DCP East Midtown Study
DIB DIB or landmark
Base
Policy DirectionSub Area Guidelines – Park Avenue
57th
Park
Fifth
Third
49th
• Over long term, some development should occur along Park Avenue
• Area’s iconic address and overall width
46th
42nd
Area s iconic address and overall width makes it appropriate location
Page 48 - DCP East Midtown Study
Policy DirectionSub Area Guidelines – Park Avenue
57th
Park
Fifth
Third
- Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus
21.6
(for qualifying
sites)
49th
46th
42ndGCT
Page 49 - DCP East Midtown Study
Policy DirectionSub Area Guidelines – Park Avenue
575’
700’
56h54h52nd50th48th
Page 50 ‐ DCP East Midtown Study
West elevation of Park Avenue - Existing
Policy DirectionSub Area Guidelines – Park Avenue
575’
700’590’
56h54h52nd50th48th
Illustrative massing at 21.6 FAR
Page 51 ‐ DCP East Midtown Study
West elevation of Park Avenue
Policy DirectionSub Area Guidelines – Park Avenue
57th
Park
Fifth
Third
- Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus
21.6
(for qualifying
sites)
49th
46th
42ndGCT
Page 52 - DCP East Midtown Study
DIBBase
Policy DirectionSub Area Guidelines – Other Areas
57th
Park
Fifth
Third
• Over long term, more limited development
49th
Over long term, more limited development should occur along northern Madison, Lexington avenues, and Third Avenue
• Areas contain most of East Midtown’s t ffi t ti
46th
42nd
more-recent office construction
Page 53 - DCP East Midtown Study
57th
Park
Fifth
ThirdPolicy Direction
Sub Area Guidelines – Other Areas
- Only sites with full avenue frontage and- Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus (20%)
.4.4.4.4
18.0 18.0
14.
14.
14.
14.
49th(for
qualifying sites)
46th 18.0
14.4*
42ndGCT
Page 54 - DCP East Midtown Study
57th
Park
Fifth
Third
- Only sites with full avenue frontage and
Policy DirectionOther Areas
- Only sites with full avenue frontage and >25k permitted higher as-of-right FARs through District Improvement Bonus (20%)
.4.4.4.4
18.0 18.0
14.
14.
14.
14.
49th(for
qualifying sites)
46th 18.0
14.4*
42ndGCT
Page 55 - DCP East Midtown Study
DIB
57th
Park
Fifth
ThirdPolicy Direction
As-of-right Development Framework
• Intended to encourage limited and targeted as-of-right commercial development
Calibrated to enco rage de elopment in• Calibrated to encourage development in appropriate locations
• Improve landmark transfers within Grand Central and generate funding for area-
(for qualifying
sites)49th
g gwide pedestrian network improvements sites)
46th
42nd
Page 56 - DCP East Midtown Study
Global Distinction
Page 57 - DCP East Midtown Study
Policy DirectionSpecial Permit
L d Sh d T A bImage from flickr user Dave Catchpole Image from flickr user budapest1956
London Shard Torre AgbarBarcelona
Page 58 - DCP East Midtown Study
Policy DirectionSpecial Permit
Chrysler Building Lever House Seagram Building
Page 59 - DCP East Midtown Study
Policy DirectionSpecial Permit
T ll t di b ildi t k
57th
Park
Fifth
Third
• To allow extraordinary buildings at key sites, new special permit (full ULURP) to permit greater FAR
• Proposals must exhibit significant p gcontribution to the skyline, result in superior relationship to other buildings in the skyline, result in a superior site plan and massing, and make a significant contribution to the pedestrian network
(for qualifying
Up to
24.0contribution to the pedestrian network
• Minimum site size – 40k around Grand Central, 25k along Park Avenue
49th
qualifying sites, via special permit)
• Required District Improvement Bonus contribution or Landmark transfer (around Grand Central)
46th
Up to 30.0
GCT42nd
Page 60 - DCP East Midtown Study
Policy DirectionSpecial Permit
Illustrative massing from East River – 30 FAR
Page 61 ‐ DCP East Midtown Study
Illustrative massing from East River – 30 FAR
Policy DirectionSpecial Permit
Illustrative massing along 42nd Street – 30 FAR
Page 62 ‐ DCP East Midtown Study
Illustrative massing along 42 Street – 30 FAR
Policy DirectionSpecial Permit
Illustrative massing along Park Avenue – 24 FAR
Page 63 ‐ DCP East Midtown Study
Illustrative massing along Park Avenue – 24 FAR
District-wide Elements
Page 64 - DCP East Midtown Study
Policy DirectionDIB/Public Improvements
• Allows for City-priority improvements as new development occurs
• Focused on improvements to pedestrian net ork both abo e and belo gradenetwork, both above- and below-grade
• Funding generated would be used for specific improvements
• Working with stakeholders to develop draft priority improvements
Page 65 - DCP East Midtown Study
57th
Policy DirectionDIB/Public Improvements
53rd
Possible Improvements• New connections between Grand
42ndGCTCentral Terminal and subway station
• Reconfigured Mezzanine level
• Additional connections to Lexington
Page 66 - DCP East Midtown Study
• Additional connections to Lexington (4,5,6) and Flushing (7) line platforms from Mezzanine level
57th
Policy DirectionDIB/Public Improvements
53rd
42ndGCT
Page 67 - DCP East Midtown Study
Policy DirectionDIB/Public Improvements
Page 68 - DCP East Midtown Study
Policy DirectionDIB/Public Improvements
Hudson YardsH dson Park and Bo le ard 2014
Images from HYDC and MVVA
West ChelseaHigh Line
Hudson Park and Boulevard - 2014
Page 69 - DCP East Midtown Study
Policy DirectionDIB/Public Improvements
57th
Park
Fifth
Third
49th
46th
42nd
Vanderbilt Avenue
Page 70 - DCP East Midtown Study
Avenue
Policy DirectionDIB/Public Improvements
Mad
ison
47th• Vanderbilt offers opportunity to create a significant gateway in East Midtown, adjacent to Grand Central Terminal
Gi en iconic location sho ld be an
45th
46th• Given iconic location, should be an elegant and distinguished space
• Intent would be to create a partially-pedestrianized public space while still
44th
45thp p pallowing crosstown access and access to surrounding buildings and Grand Central Terminal
43rd
GCT
42nd
GCT
Page 71 - DCP East Midtown Study
Policy DirectionDIB/Public Improvements
Mad
ison
47th• Vanderbilt offers opportunity to create a significant gateway in East Midtown, adjacent to Grand Central Terminal
Gi en iconic location sho ld be an
45th
46th• Given iconic location, should be an elegant and distinguished space
• Intent would be to create a partially-pedestrianized public space while still
44th
45thp p pallowing crosstown access and access to surrounding buildings and Grand Central Terminal
43rd
GCT
42nd
GCT
Page 72 - DCP East Midtown Study
Policy DirectionNon-complying Buildings
• Outdated buildings with non-complying floor area present challenge as existing zoning offers disincentive to replacement
f f• Buildings that are part of sites with full avenue frontage and >25k size could maintain existing floor area through discounted DIB price
• Other buildings would be able to maintain floor area through discounted DIB, as long as site has avenue frontage and 20k site
Page 73 - DCP East Midtown Study
575 Madison Avenue17.0+ FAR
Policy DirectionThird Avenue area Th
ird
Seco
nd
46th
• Predominantly commercial character of midblocks along 42nd and 45th streets between Second and Third avenues
S
1-9
44th
• Special Midtown District generally follows the boundary of Midtown’s commercial areas
• Proposal would incorporate portions of
C144thProposal would incorporate portions of
these midblocks into Midtown district
C5-3
42nd
Page 74 - DCP East Midtown Study
Policy DirectionThird Avenue area Th
ird
Seco
nd
46th
(12.
0)
(12.
0) (10.0)(10.0)
1-9
44th(15.0)(10.0)(10.0)
(15.0)(10.0)
C144th
(10.0) (12.0)
C5-3
42nd
d nd
(10.0) (10.0)
(15.0)
Third
Seco
n
Page 75 - DCP East Midtown Study
Existing Zoning Proposed Zoning
Policy DirectionMidtown
• Hudson Yards is the City’s commercial development priority in Midtown
• Subway extension completed in 2014 andSubway extension completed in 2014 and first office buildings are planned to start construction soon
Orthophoto Base Map Copyrighted by the New York City Department of Information
Technology and Telecommunications.All rights reserved.
Page 76 - DCP East Midtown Study
Policy Direction‘Sunrise’ Provision
• “Sunrise” provision in East MidtownSunrise provision in East Midtown
• Current thinking is that building permits pursuant to new zoning can be issued five years from today
All i f d l t i t t ith• Allows sequencing of development consistent with planning objectives in Midtown
• Creates certainty for developers in East Midtown
Page 77 - DCP East Midtown Study
Policy DirectionSummary
• Goals
• Long-term Development Framework
• Site Requirements and Mechanisms
• Area-specific Guidelines• Grand Central areaGrand Central area• Park Avenue• Other areas• Special Permit
• District-wide Elements• DIB/Public improvements• Non-complying buildings• Third Avenue areaThird Avenue area• “Sunrise” provision
Page 78 - DCP East Midtown Study
Policy DirectionSchedule
Initial Findings/Policy Direction presentation – June 2012
Preliminary Proposal presentation – Today
EIS scoping - Early Fall
ULURP Certification – 1st quarter 2013
Page 79 - DCP East Midtown Study
HelloHelloH llHelloHelloHelloHello
East Midtown Study